As you can see, a tax break could not possibly classify as a subsidy. A tax break is not a gift, nor is it financial assistance; it's simply allowing a person or corporation to keep more of the money that is already theirs.

Here's another great example of why tax breaks are nowhere near being considered subsidies.

On Thursday, Virginia Democratic Party executive director David Mills said the oil companies were "getting free money from the government."

Just one problem. Those "subsidies" are not subsidies. They are tax breaks.

Of the $4 billion in alleged subsidies to Big Oil, $1.7 billion derives from a domestic manufacturing tax deduction intended to keep factories in the U.S. It is available to every company, not just oil companies.

Another $850 million comes from another tax provision, also available to every U.S. corporation, that gives a credit for taxes paid to foreign countries&#8212;just as you can deduct your state taxes from your federal income taxes.

Yet another $1 billion comes from tax rules that let oil companies treat oil in the ground as capital equipment for write-down purposes, and the rest comes from rules that let oil companies write off certain business costs immediately.

As you can see, a tax break could not possibly classify as a subsidy. A tax break is not a gift, nor is it financial assistance; it's simply allowing a person or corporation to keep more of the money that is already theirs.

Here's another great example of why tax breaks are nowhere near being considered subsidies.

On Thursday, Virginia Democratic Party executive director David Mills said the oil companies were "getting free money from the government."

Just one problem. Those "subsidies" are not subsidies. They are tax breaks.

Of the $4 billion in alleged subsidies to Big Oil, $1.7 billion derives from a domestic manufacturing tax deduction intended to keep factories in the U.S. It is available to every company, not just oil companies.

Another $850 million comes from another tax provision, also available to every U.S. corporation, that gives a credit for taxes paid to foreign countries&#8212;just as you can deduct your state taxes from your federal income taxes.

Yet another $1 billion comes from tax rules that let oil companies treat oil in the ground as capital equipment for write-down purposes, and the rest comes from rules that let oil companies write off certain business costs immediately.

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Click to expand...

Bullshit. Money that a company owes in taxes isn't "already theirs" - by definition it belongs to the U.S. Treasury.

If you are getting a tax break that everyone else isn't getting, then it's a subsidy.

You are being given an advantage over other people by having to pay less than your fair share in taxes.

It's a subsidy.

If said tax break applied to EVERYONE, then it wouldn't be a subsidy.

Click to expand...

On Thursday, Virginia Democratic Party executive director David Mills said the oil companies were "getting free money from the government."

Just one problem. Those "subsidies" are not subsidies. They are tax breaks.

Of the $4 billion in alleged subsidies to Big Oil, $1.7 billion derives from a domestic manufacturing tax deduction intended to keep factories in the U.S. It is available to every company, not just oil companies.

Another $850 million comes from another tax provision, also available to every U.S. corporation, that gives a credit for taxes paid to foreign countriesjust as you can deduct your state taxes from your federal income taxes.

On Thursday, Virginia Democratic Party executive director David Mills said the oil companies were "getting free money from the government."

Just one problem. Those "subsidies" are not subsidies. They are tax breaks.

Of the $4 billion in alleged subsidies to Big Oil, $1.7 billion derives from a domestic manufacturing tax deduction intended to keep factories in the U.S. It is available to every company, not just oil companies.

Another $850 million comes from another tax provision, also available to every U.S. corporation, that gives a credit for taxes paid to foreign countriesjust as you can deduct your state taxes from your federal income taxes.

Click to expand...

They are available to everyone.

Click to expand...

OK, first of all, "domestic manufacturing companies" is not "everyone". And the tax break in question would in fact be a "Manufacturing Subsidy".

Putting that aside, however, "a credit for taxes paid to foreign countries"???

Are you kidding me? And you're complaining because people want that done away with?

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